When thinking about your video marketing campaign and working on ways to improve it, think in terms of conversions and ROI. Simply put, video marketing should increase your conversion rates. If done right, it will. The statistics show that people are more influenced by video than by any other single factor when marketing online. Video is often the most influential factor in making the sale and is often the final step in the sales process. Therefore, it is important that you maximize your efforts and increase your profit potential.
Statistics on Video Marketing Effectiveness
The statistics support the fact that video marketing works. Ninety per cent of all information transmitted to our brains is visual in nature. According to the 3M Corporation and Zabisco, visuals are also processed 60,000 times faster than text. Last year alone, in December 2013, 188.2 million people in the U.S watched 52.4 billion online content videos. And the average American spent more than 19 hours watching online video (Comscore).
Additional information from Marketing Sherpa via Hubspot reveals that viewers spend much more time on sites that feature video than those that don’t. So it is obviously a medium that marketing specialists and businesses should be spending time and money on. But how do you know how much to spend?
The problem with video marketing is that videos can be expensive to produce. Even with digital production facilities, it would be easy to run up costs into five figures for a well-produced professional video. It is obvious that you cannot afford to run up costs like this on a regular basis and you cannot overextend yourself. So, instead, start thinking of it differently.
Focus on ROI, not on how much you are spending in general. For example, if you spend $10K and get back a $50K return, you are making a net profit of $40K, which is not bad! This would be a smart investment, because the money you are putting in is paying off with increased conversions and sales, and you gain new customers.
Steps to Success in Video Marketing
The key is to follow a step-by-step process to look beyond the basic elements to the big picture of how video marketing is paying off for your business. There are 3 major steps you can take to ensure that you are maximizing your results.
- Learn to look past video views. Focus on what is most profitable, and what is resulting in conversions, rather than just the number of views. Just like any investment you make in your business, you need to make sure you are getting a good ROI for your investment. Think about which actions yield the greatest revenue and focus on those. Make it about conversions, transactions, and interactions, rather than casual consumption of your video content. It should all be about the result, rather than the on-page activity.
- Optimize points of conversion. It is said that “television does not just happen,” and neither does a successful online video marketing campaign. Online marketing is about more than brand awareness and advertising. It is about driving people to take action toward the final step of your sales funnel, and ultimately, making sales.
- Utilize audience engagement rates and use A/B split testing. Video marketing is an art. But it is also a science which involves specific analytical techniques which can be extremely revealing in terms of what is working in maximizing your ROI and increasing your conversions. Engagement rates are the rates at which viewers are connecting to your content and factor in at what point the conversions are taking place. A/B split testing involves a process by which two different versions of the video are created and tested on different platforms or websites to see which one is the most effective.
It is important to monitor the engagement rates so that you can use this information to guide marketing decisions and align your marketing efforts and budget to the things that your customers care about the most.
Specialization Is the Key
Specialization is the key to good online marketing. There is no “cookie cutter” solution to effective marketing strategies, no magic formula to make it all come together. It requires a systematic but creative approach which you must check as you go, and continually monitor the results of, in order to achieve the greatest benefit.
Important Components of the Video Marketing Process
In order to reap the greatest results from your video marketing efforts, follow these steps:
- Use engaging content which has a clear focus.
- Include “calls to action” (CTAs) with clickable links which drive the customer to the final step in the sales process. This should be easy to do and in close proximity to your video.
- Make it easy to convert from being viewers to customers.
- Get feedback from customers in the form of social media, online forms, and interactive chats, and use the information derived from customers to improve your product and your approach.
When planning your video marketing strategy, analyze data from analytical tools, do customer surveys and get feedback on a regular basis. Do A/B split testing, then focus in on customer engagement metrics and find out at what point a viewer becomes a customer. Make sure you include a “call to action,” asking the viewer to do something that will land them on your sales page. This, and only this, will ensure that you are utilizing the data, maximizing your investment, and increasing your ROI to turn visitors into customers and get the most for your dollar. And that, after all, is what it’s all about.
If you would like help producing your video, our production team would love to help. Just reach out to us at: www.ripmediagroup.com. We love producing motion graphic animation, live action video, whiteboard animation/speed drawing animation, and helping people like you reach your goals. Or start with a creative brief: https://ripmediagroup.com/creative-brief.